San Diego Real Estate Newsletter September 2018 – Pete Saxon Realty

August 31, 2018

County median price a record $579,600

“Home prices have been breaking records on nearly a month-to-month basis all year. As of July, home prices had increased 8 percent in a year — the most of any Southern California county,” according to CoreLogic and reported in the San Diego Union-Tribune. However, the article goes on to report that, “Home sales hit its lowest point in years in July with 3,607 sales. The last time sales were that low was July 2014, when the county was still coming out of the housing bust, when there were 3,530 sales.”

August 29, 2018

San Diego building permits up

“In the first six months of 2018, there were 6,953 residential permits issued in San Diego County, a 64 percent increase from the same time last year, said a new report from the Real Estate Research Council of Southern California,” reports Phillip Molnar of the San Diego Union-Tribune.

U.S. pending home sales off 7th straight month

Diana Olick of CNBC reports on National Association of REALTORS Pending Home Sales Index, “Signed contracts to buy existing homes fell 0.7 percent in July compared with June.” However, home prices continued to climb at a 6% rate across the country.

August 28, 2018

San Diego County home prices up 6.9%

Incredibly, the San Diego Union-Tribune’s headline read, San Diego home price increases fall behind other California cities. We are so conditioned to be attracted to the negative headline that any continued good news is not featured. An annual 6.9% increase on any investment is still an outstanding return in today’s investment climate.

August 28, 2018

Tax cuts have not depressed housing

“It wasn’t supposed to take long for the Trump tax cuts to hobble housing prices, particularly in the high-tax, high-cost metro areas where the new law was poised to rip federal incentives to buy new homes. Nearly nine months later, those warnings have not materialized.,” reports the New York Times.

August 20, 2018

$131K income to buy San Diego home

“Only two other metro areas were less affordable — San Jose and San Francisco — said the study, which crunched numbers for 50 regions across the United States,” reports Phillip Molnar of the San Diego Union-Tribune.

August 10, 2018

Impact of housing slump on REALTORS?

The San Diego Union-Tribune wonders, “What a home sales slump could mean for professionals, buyers.” The article implies that being a real estate agent in a booming market is easy and I couldn’t agree more. Real estate sells itself. I’ve never met a real estate broker that sold a property. Brokers only provide access to real estate listings then the buyers decide whether to purchase. I’ve never heard a buyer say, “Honey, stop the car! We have to buy that house, it’s listed by Joe Slick!”

Significant slowdown?

“The housing market hit a sudden and “significant” slowdown in the past few weeks that could continue in coming months, Redfin Corp.’s chief executive said,” reports MarketWatch. Redfin operates as an actual real estate brokerage in some of the country’s most expensive markets and a slowdown in the highest priced markets always happens first. Another quick point, unlike Zillow, Trulia and even REALTOR.com, Redfin is a licensed real estate company with offices, brokers and real estate licensees. Zillow, Trulia and REALTOR.com are online media companies that are not licensed, not supervised and earn their income selling advertising, mostly to real estate licensees.

August 6, 2018

Affordability is the new housing crisis

Too few homes on the market is leading to a national affordability crisis reports NPR.